Back in January, we asked if Milbank was laying the ground for stealth layoffs. The firm changed its annual review process, and associates were concerned. At the time a firm spokesperson suggested there was nothing to worry about:
We did an overhaul of our evaluation system in late 2007 to early 2008 that was part of a broader firm excellence initiative. The new review process was designed to encourage excellence and provide more meaningful feedback, forward-looking career guidance and greater focus to the professional development of our associates.
Today, associates received some very “meaningful feedback,” as 49 of them were let go.
The firm also laid off 40 staffers as part of today’s cuts.
We understand that while all departments were affected, general corporate was the hardest hit.
Milbank spokespeople did not respond to an immediate request for comment, so we don’t know if these layoffs will be called economic or performance based. But we also understand that there is a full memo going around explaining all of the moves, we’ll post it when we get it.
Good luck to the 89 Milbank people let go today.
Update (5:08): A tipster reports this additional information:
No first years were affected. All were told that it was NOT performance based, but due to the lack of work. They were very civil about it. Last day of work is Friday (conveniently, the day before the summer associates start on Monday). Severance is 3 months, plus accrued vacation.